In light of the new estate and tax law changes that have come into place, many people are thinking about the benefits of adjusting their estate plan. It’s worth a review sitting down with an experienced estate planning attorney to talk through the advantages of adjusting your current strategies.
Regular revisions are smart planning, and they ensure that if something happens to you suddenly that you have plans in place to respond and put your loved ones at ease.
Below are seven reasons why outside of the current estate and tax law changes, you may wish to consider a visit with your experienced estate planning attorney. These include:
· Setting up guardianship for your children if you have not done so.
· Financial and administrative management of your affairs if something were to happen to you, including a disability or sudden incapacity.
· Disposing of your assets, whether it’s through a will or irrevocable trust.
· Ancillary documents, such as your health care directives, a general durable power of attorney over financial matters, and a health care proxy.
· Using trust to provide you with varying degrees of protection against creditors, predators and divorce.
· Tax efficiency.
All of these various benefits can be achieved by sitting down with an estate planning attorney and walking through the current strategies and documents you have in place to verify whether or not they are in line with what you intend to accomplish.